An Australian Crypto exchange creator is battling with sudden claosure of his bank accounts

[BrolySSJ]

This is a matter the man should take up and present before the court inorder to demand justice for his aclaimed wrong doing. If he is found guilty, he should face the full wrath of the law

Generally if he feels that he was doing anything wrong then he is unlikely to take it to court for fear that it will have a negative outcome for him. In this case he may just incur such losses and move on.

 

[Nomad]

Currently, Binance is facing almost similar situation. BInance hs been banned in lot of countries including the UK and Japan for not following the countr's financial laws.

 

[BrolySSJ]

Currently, Binance is facing almost similar situation. BInance hs been banned in lot of countries including the UK and Japan for not following the countr's financial laws.

I did read a lot of news articles on this subject and it is quite sad to see this considering the fact that this is one of the major cryptocurrency exchange platforms that many people tend to use. Hopefully in the future he is able to come to terms and meet the regulations by these countries in order to expand its user base once again.

 

[Dowenship]

With the rise in crypto usage, there are many that are either looking into or considering the investment into crypto and some that are even thinking about taking it even further in order to develop and exchange for crypto that could prove to be very profitable given the large trade volumes for the coins that we have seen recently. An Australian man however, is not having this pleasant experience as his bank accounts were closed with little warning.

The man runs a crypto exchange, and it is reported that his bank accounts were closed due to cryptocurrency fraud. Furthermore, it is stated that other banks and his customers were notified of this fraud, and this has likely damaged the reputation of the exchange quite considerable. The Australian claims innocence and is request a quarter million AUD from the bank for this dispute.

What do you think constitutes as crypt fraud since there are not many regulations that are surrounding crypto currency?

It seems recently centralised and decentralised exchange are becoming vulnerable to this hacker our something, its becoming frequent this days and can cause fud.

 

[BrolySSJ]

It seems recently centralised and decentralised exchange are becoming vulnerable to this hacker our something, its becoming frequent this days and can cause fud.

I think that with the number of people getting involved cryptocurrency many hackers are actually trying to target cryptocurrency exchanges in order to try and profit with as little work as possible. It is natural that the more interest people have in a specific idea the more people I actually wanna try to profit from it.

 

[Chibson]

like someone have said it is the anonymity that cryptocurrency offers that makes financial institutions to be against it and of course that's bad.

 

[BrolySSJ]

like someone have said it is the anonymity that cryptocurrency offers that makes financial institutions to be against it and of course that's bad.

It is quite ironic if you think about it because the same concept that makes financial institutions be against cryptocurrency is the exact same concept that drives a lot of people to get into cryptocurrency in the first place. Many people actually like the fact that cryptocurrency is anonymous.

 

[Nurudeen]

I don't know why majority of this countries are going against the usage of crypto currency. Most of them already know crypto currency will lose a great danger to their Fiat Currency, hence, they are trying to crack it down

 

[BrolySSJ]

I don't know why majority of this countries are going against the usage of crypto currency. Most of them already know crypto currency will lose a great danger to their Fiat Currency, hence, they are trying to crack it down

You have hit the nail on the head here and you are completely correct in saying that many countries are actually worried that cryptocurrency will be quite competitive to the Fiat currency that they have currently. As a result they believe that it will cause a negative impact on the economy.

 

[Dowenship]

I think that with the number of people getting involved cryptocurrency many hackers are actually trying to target cryptocurrency exchanges in order to try and profit with as little work as possible. It is natural that the more interest people have in a specific idea the more people I actually wanna try to profit from it.

Yeah, and this hacker are working there ass out just to e and to steal funds from exchanges like recently where an jacket was and to divert close to $8 million worth of coin into an unknown wallet.

 

[BrolySSJ]

Yeah, and this hacker are working there ass out just to e and to steal funds from exchanges like recently where an jacket was and to divert close to $8 million worth of coin into an unknown wallet.

8 million dollars is a significant loss for any cryptocurrency exchange or business and I think that the untraceable nature cryptocurrency actually does not work in our favour in these circumstances because we are unable to recover most of the funds if any at all.

 

[eLdavis]

Well i cant really say, but it might not really be actual fraud. I know of a friend who works with various persons overseas, and after a successful transaction they usually pay with bitcoin most of the time. This is almost a common issue with his partners and the banks usually close their accounts for one issue or the other its quit annoying and i prays it stops

 

[Prettyjanie]

For every alleged criminal offence (fraud inclusive), he who alleges must prove, so those who have accused him of fraud should prove it, and if they are unable to do so, they should be sanctioned.

 

[gammarays]

In this situation, if the crypto exchange is to be shut down. The regulator can use the seized funds to settle people with an account there. Even if there's a fraud involved. It shouldn't affect genuine members.

 

[GIFTMICHAEL]

The man has experienced a downside caused by others fraudulent activities. I believe he has recovered his funds after pleading innocent of that.

 

[BrolySSJ]

In this situation, if the crypto exchange is to be shut down. The regulator can use the seized funds to settle people with an account there. Even if there's a fraud involved. It shouldn't affect genuine members.

This is true, however how will the regulators be able to determine those members that are genuine from those that utilize the exchange in order to fund fraudulent activities. This can be quite hard to differentiate between.

 

[Agbalagbaa]

Possibly there must have been some glitches somewhere...he should request for an official letter or something..

 

[Dowenship]

8 million dollars is a significant loss for any cryptocurrency exchange or business and I think that the untraceable nature cryptocurrency actually does not work in our favour in these circumstances because we are unable to recover most of the funds if any at all.

That's one of the disadvantage in crypto transaction. The wallet cannot be traced neither can it be found and the anonymousity in crypto wont make it easy for the exchanger to regain so their funds.

 

[gammarays]

This is true, however how will the regulators be able to determine those members that are genuine from those that utilize the exchange in order to fund fraudulent activities. This can be quite hard to differentiate between.

I think since they are doing an investigation and traced the funds to the exchange, the addresses that were involved in the transaction will be blacklisted. It shouldn't affect other members.

 

[Chibson]

the man might have definitely lost a huge amount of money earning his cryptocurrency portfolio and that is definitely very bad and people need to be very careful with their funds.